REO? Okay that’s just to see if you are paying attention. And yes, that was a Thursday throwback to classic rockers REO Speedwagon.

How about the acronym LTV?

Anyone?

I’ll save you the time it would take to do a fast Google search (or Bing, if that’s your thing). LTV stands for ‘lifetime value’ and it’s being tossed around a lot lately when referring to how much value consumers place on a product — more specifically all those apps on our smartphones.

Here’s an APPsolutely amazing statistic. According to Apple, more than 800 apps are downloaded every second from the company’s App Store. 800 a second! And that’s just Apple.

Here’s where LTV comes into play. One of the most recent studies on smartphones shows 22% of the apps are never used more than once. Put another way, consumers are fast to download. The problem is not a lot of them see a compelling reason to return to a lot of those apps. Low LTV for certain. Not good for business!

Marketers miss the mark when they think a ‘cool looking’ or ‘pretty’ app is the secret to success. It’s not. Smartphone users want something more. It’s all about engagement.

By way of example, The NHL just went live with a fan app that is a hat-trick for hockey heads. (1) Fans can download the app for just their team, (2) it has features for those fans who actually go to the arena to watch the team in person and (3) it has features for fans who watch on TV from the comfort of their couch. Yes, it offers real time scores. You’d expect that. It also lets you watch out of market games live. See? That’s something you wouldn’t expect. A great example of a feature that will bring users back time and time again (at least during the season).

Then there’s the app called RecycleBank. Users earn points and special offers for logging their green living and recycling efforts. Again, it’s all about engagement. It’s not just static information.

2013 is almost a memory. Lots of companies spend the last few months thinking about ‘next year’ and how they’ll make their business even better. For businesses with smartphone apps, perhaps some deep thought should be given to re-tooling the customer experience by improving the LTV of their mobile products.

If you haven’t heard, the word is out on what the Fox network plans to charge for a :30 second commercial spot in this year’s Super Bowl.

According to an article in Variety, advertisers will be asked to write a $4 million dollar check for just one half-minute long chunk of your attention.

Long before you’ll experience this annual onslaught of advertising, and all in one evening, an elite group of consumers around the country in select markets will be getting the ultimate sneak peek. Yep, with all that money on the line, advertisers will be enlisting focus group panels to first give their ‘yay’ or ‘nay’ to these creative brand messages. With that feedback in hand, the spots will then be tweaked and sweetened to match what the groups deem as successful, memorable and most importantly actionable marketing messages once they land in your living room. The ‘actionable marketing message’ part means the crafty commercials will likely make you go out and consume that product or service.

SO WHAT IS YOUR SUPER STRATEGY?

Let’s face it, you probably aren’t going to go out and spend $4 million on a :30 second spot. Probably Joe? OK, you’re not.

Still, you spend money to market your business. And that’s why you should have your own super strategy to ensure your customers are being super-served in ways your competitors just can’t match. Every day of the year. Not just during football season.

Depending on your product or service, it may be time to focus group test any number of aspects of your offerings.

Some areas worth closer examination include:

Effectiveness of your advertising

Packaging of your product (big talk these days about whether companies are being responsible on a sustainability level)

Website effectiveness

Strength of your brand (brand loyalty)

Customer satisfaction

Where you are vulnerable

The list could go on and on. And it does. The point is, the success of your business relies heavily on how well you know your market. We specialize in asking the right questions and in the right venue, to help you get there. So set a game plan for success. As always, we’re here to huddle up and help. Contact Us! 888-703-4636.

It’s about that time of year when summer vacations are winding down and families are settling back into their regular routines.

Think of your trip for a moment. If you are like most people, you probably had a detailed plan locked-in well in advance of your departure date and it was probably as thorough as a pre-launch checklist at NASA. Why? Because you wanted to make sure the journey didn’t end up being the inspiration for another Chevy Chase Vacation movie.

Bottom line, you had a vision for your vacation.

So now that the trip (and it’s great memories) are in your rear view mirror, it’s time to buck up and ask yourself a couple of questions about your business: How much time and planning have I put into making my business rock? (I hope the answer is “at least equal to or greater than the summer trip”). And, what am I basing my game plan on?

I will tell you what I tell my clients. Here it is and it is rarely a wrong answer. It all starts with the research. Shockingly, many businesses launch without having done any research at all. None! Nada! Zilch! And lots of companies don’t make research an important part of their strategy even after they are up and running.

Sure, some businesses find success by taking a gamble or ‘going on gut.’ The question you have to ask yourself is whether you want to take that kind of risk. If you do, then I wish you luck. Thanks for stopping by! If you want to take a more conservative and careful approach, then the rest of this article is for you.

When I start working with a client I don’t berate them about what I see as a misstep of launching (or introducing a new product line) without a strategy based in research. It’s not about the past. It’s about what we can do from this point forward.

Instead, we immediately sit down and get real by having an honest discussion about where they want to take their business. I tell them research is what helps them get a true picture of who their customers are. It helps them to identify the public perception of their business, and in some cases, it underscores to businesses that they are, unfortunately, not even thought of in the general marketplace. Put simply, solid research gives you a baseline and helps to take much of the guesswork out of how to grow the business. It helps businesses to actually create a vision, capitalize on their strengths and make some hard decisions in areas where they may be vulnerable.

There is an old saying that goes, “There is nothing more expensive than a missed opportunity.” Used in the research realm, it translates to something probably less memorable as a quote — but powerful as a practice to follow: “Know everything you can possibly know about your business and industry”. That means invest in research. And then, do something with that research. Sadly, some companies take the lead, do the research, and then let the data sit on a shelf collecting dust. And if you need a little extra motivation, just remember, if you’re not doing research your competitor probably is.

If you manage a brand and need a little inspiration, take a look at this clip. Great insights from some of the best marketing minds around. The clip starts with a brief discussion about women in leadership roles. It’s worth the less than 5 minutes it will take to watch it. Enjoy.

I have checked Amazon.com. I’ve walked the aisles in all the big box retailers. I’ve even checked out some garage sales. And still, I cannot find this thing called lightning in a bottle.

The stuff must be rare!

In the business world that’s certainly a true statement. It exists, just not as frequently as we’d like to think.

What is not in short supply? Great (or at least ‘good’) ideas on how to grow a business or brand, and smart strategies to bring those ideas to market.

Many times though, the third piece is missing; simultaneous and superlative execution of all of the above. And let’s face it — all of the above are required. And all of them take time.

I can’t take credit for this but I do want to share it. It’s a great line. And it goes like this: “Bad or poorly executed ideas have nowhere to hide.” I got that from an article on the website strategy+business.

And I believe it.

I will tell you, that the old ‘gut instinct’ or that ‘hunch’ or that ‘feeling in my bones’ are probably not the kinds of things you want to base major decisions on. It’s a little like gambling in Vegas — it can be a crap shoot.

When businesses ask me to help them with a brand re-launch or the introduction of a new product, I tell them what I will tell you here and now.

Have a good sense of what your customers see as your greatest customer value proposition (not YOUR assesment — theirs). By way of example, there is a reason (my customer value proposition) why I will drive 32.6 miles for my favorite pizza and not think twice about it.

Always be in a constant mode of super-serving your customers’ needs.

Consider all the things you do well. And then ask, “What are the systems and processes tied to those initiatives that can also be applied to other growth opportunities for my business?”

Look across the street — to your competitors and determine the areas where they lead and where they are soft. Your opportunity may rest in knowing how to attract their least satisfied customers.

Research! Research! Research!

That last one is an important one. It’s not enough anymore to simply be ‘open for business’. To succeed, or lead in a category, you need to have a never-ending thirst for knowledge. And that’s where the qualitative research expertise of Joe Hengemuehler Consulting can help. So give us a call and tell us about the research project you’d like to start. We can help. 888-703-4636.

Oh, and I couldn’t resist. Here’s an image of that elusive lightning in a bottle.

It may be a brand that isn’t resonating. It may be a curiosity about which ad will cut through to consumers the fastest and with the most lasting impact. Or, it may be about how consumers feel about the company’s customer service. I’ve even had clients who want to go deep on the shape of the packaging of their product.

While the problems (let’s call them challenges from this point forward) that businesses face are varied, in most cases, each client is looking for the exact same thing from us; to help them unravel and reveal the truth about what motivates their current customer base and what might attract new business.

When clients come to us, one of the first things we do is put on our reporter’s hat. We start asking questions. Lots of questions: When this research project is done, what’s the most important thing you want to know about your own business? What will you do with the information you learn? In what areas do you see yourself as vulnerable? [We never ask the Barbara Walters question ‘If you could be a tree, what kind of tree would you be?”]

In a reporter’s world, all those questions would end up in a nicely packaged story told to television viewers at 6pm. “In 3, 2, 1, cue talent!”

In our world of qualitative research, those questions are just the beginning. We take the information and design a highly strategic discussion guide to be used in the focus groups.

For us, the focus groups are ‘show time’. It’s where we start to find truth. And I will tell you, there is nothing more gratifying than building a discussion guide that results in answers and insights that a client can act upon.

Let’s be honest. The insights aren’t always what the client wants to hear. But that’s why we do research. You’re being intentional about asking people to tell you what you need to hear so that you can grow your business and strengthen your brand. We all want to hear we’re great. It’s good — well, it’s great for the ego. But it doesn’t always help us forge ahead.

My advice to clients is consistent: You’ve already taken a courageous first step. You’ve commissioned a research project. The next step – and arguably the most courageous one of all, is to do something with the findings. To have information and do nothing with it is like a reporter missing the story of the day. No one wants to get scooped –especially when the success of your business and your brand is on the line.

When I talk to people who run businesses, they often tell me their biggest struggle is time. Meaning – everyone’s short of it.

You know the drill; too many deadlines or “It’s all important” but all of it just can’t get done.

Invariably, the conversation turns to what could be done with a few extra clicks of the clock.

And not surprisingly, one of those ‘could happen’ items is doing a better job of marketing the business.

These business owners are smart. They are well aware that social media is a fertile field to play in. In fact it’s critical.

Having a Facebook page or a website or a Twitter feed or a blog is a good first step. (Actually, having all of the above is a GREAT first step). But then what? Who has time to create content, keep it fresh, and give it life? It comes back to time.

One of the things I realized rather quickly was that I have the time.
When you boil it down, blogging is really about telling a great story. And as a television journalist in a past life, I made a career of telling stories.

What other great stories are out there to tell? And how can telling that great tale help your business generate more foot traffic, more buzz, more brand awareness?
If you’d like to learn more about our business blogging service, contact me at Joe@JHConsultingGroup.com .